Scottish Housing Market Review Q3 2024

Footnotes

1 Note that since sales volumes in the UK HPI dataset are only available with a significant lag, Table 1.1 uses data from Registers of Scotland since this data is more recent.

2 Note that because of this volatility, the ONS already uses a three-month average to calculate the local authority price for a given month, e.g. the published estimate for March is a simple average of the calculated estimates for January, February and March. Therefore, in Table 2.1 for local authorities (although not for Scotland as a whole) the quarterly average price, which is based on 3 months of published UK HPI estimates, is actually based on data drawn from 5 months of transactions. A similar consideration applies to the 4-quarter moving average.

3 Note that this data differs from data in Chart 6.1 and Chart 6.2 because it refers to the average of advertised rates rather than the average of interest actually paid, and differs from data in Chart 6.3 because it is the average across all LTV levels.

4 A regulated loan is a loan to an individual, secured by a first or second charge on residential property, where the property is for the use of the borrower or a close relative.

5 A non-regulated loan is all other mortgage lending to individuals that is not regulated, such as buy-to-let lending.

6 Note that since covid payment holidays were not classified as technical arrears, they are not reflected in these figures; however, when these payment holidays ended in April 2021, this did not result in an immediate substantial increase in arrears.

7 FCA data is collected on an account basis, whereas UK Finance data is collected on a borrower basis and covers first-charge mortgage lending only.